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    Question

    How much penalty has been imposed by the Reserve Bank of

    India (RBI) on HDFC Bank and Bank of America,  due to violation of reporting requirements under the Liberalised Remittance Scheme of the Foreign Exchange Management Act (FEMA)? 
    A Rs.10000 Correct Answer Incorrect Answer
    B Rs.15000 Correct Answer Incorrect Answer
    C Rs.28000 Correct Answer Incorrect Answer
    D Rs.40000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10,000 each on HDFC Bank and Bank of America, citing a violation of reporting requirements under the Liberalised Remittance Scheme of the Foreign Exchange Management Act (FEMA).

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